GBP/USD: 1.2140 appears to be the next support level — UOB

Further decline in the GBP/USD should encounter support around 1.2140 in the coming weeks, according to UOB Group FX Strategists Quek Ser Leang and Lee Sue Ann.

May 16, 2022 - 02:49 PM 273 views

GBP/USD: 1.2140 appears to be the next support level — UOB

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© GBP/USD: 1.2140 appears to be the next support level — UOB

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Further decline in the GBP/USD should encounter support around 1.2140 in the coming weeks, according to UOB Group FX Strategists Quek Ser Leang and Lee Sue Ann.

Important Quotes

24-hour View: "We stated yesterday that'momentum is rapidly increasing, and a breach of 1.2200 would not be shocking.' 'The next support at 1.2140 is likely out of reach for the time being,' we noted. GBP dipped to 1.2165 before rebounding, confirming our prediction. Despite the fact that negative pressure appears to have subsided, GBP might still go below 1.2165. However, 1.2140 appears to be out of reach for the time being. The resistance level is 1.2240, which is followed by 1.2270."

In 1-3 Weeks: "We mentioned yesterday (12 May, spot at 1.2240) that improved downward momentum suggests GBP could break through 1.2200. 'The next support is at 1.2140,' we noted. GBP then broke over 1.2200 and fell to 1.2165. Even if oversold shorter-term conditions could reduce the pace of any additional downturn, more weakness is imminent. Below 1.2140, the next support is at 1.2100. A break of 1.2300 (the'strong resistance' level was at 1.2380 yesterday) on the upside would signal that the weakness that began late last week has ended."

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